Global equity markets took off, bond yields fell, gold strengthened and the dollar sold off. Basically, unless you have US dollars stuffed in your mattress, you had a good day. The rally has yet to abate.

Typically, pension funds and other large institutional investors don’t signal what they intend to buy so as to avoid front running (buying before a large buyer enters a position, and selling after the price has been driven higher), but it seems as if this is just what the Chinese government would like to encourage.